MAIRE’s Nextchem acquires ETEK for US$12M to boost precious metals recycling

ITALY – MAIRE has expanded its circular economy portfolio by acquiring a 70% stake in Italian metals recycling specialist ETEK for €11.1 million (US$12.0 million), gaining proprietary Top Blown Rotary Converter technology to recover gold, silver, platinum and palladium from e-waste, spent catalysts, batteries and photovoltaic panels.

The transaction, announced on 16 June 2026 through MAIRE’s subsidiary NEXTCHEM via Cirqlar Tech S.r. l., values the two companies, ETEK S.r.l. and its wholly owned subsidiary SISEMTEK S.r.l., at an enterprise value of €17.5 million (US$18.9 million). 

The upfront payment of €5.0 million (US$5.4 million) was funded through existing NEXTCHEM facilities, with the remaining consideration structured as performance-linked earn-outs extending through 2030.

How TBRC Furnaces and Proprietary Technology Enable High-Value Metal Recovery

ETEK’s technology platform centers on Top Blown Rotary Converter furnaces designed to maximize recovery rates, handle diverse feedstocks and improve energy efficiency. 

The process supports the production of black copper and, through downstream integration incorporating pyrometallurgical, hydrometallurgical and electrowinning processes, refined metals and ingots including copper, gold, silver, platinum and palladium. 

The technology has multiple references worldwide and enables treatment of waste electrical and electronic equipment, spent catalysts, batteries, photovoltaic panels, mining tailings and other metal-bearing industrial residues. 

SISEMTEK manufactures the TBRC furnaces and other key equipment supporting the industrial deployment of ETEK’s technology platform.

Why Critical Raw Material Supply Challenges Drive Circular Economy Expansion

The acquisition significantly broadens NEXTCHEM’s circular solutions portfolio, extending its capabilities beyond plastics recycling, chemical recycling and waste gasification into strategic materials recovery. 

By integrating ETEK’s expertise, NEXTCHEM aims to strengthen its offering to industries increasingly exposed to critical raw material supply challenges for high-tech and industrial sectors. 

Fabio Fritelli, Managing Director of NEXTCHEM, said that the acquisition represents another milestone in the evolution of NEXTCHEM’s circular solutions platform, spanning from rigid plastic upcycling to gasification of end-of-life streams and virgin-like chemical recycling solutions. 

He added that with ETEK and SISEMTEK, the company now adds a proprietary platform for the recovery of strategic and precious metals from complex waste streams, further enhancing resource recovery capabilities and opening new opportunities in critical raw materials.

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